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Silent Service Method

  • #7,501
  • Mar 9, 2010 1:42am Mar 9, 2010 1:42am
Quoting sebafx
Oh I see. What would you say is the most common size / sizes I should ideally aim for? 100 pips?
There is no "common/average size", if you find the PA you're looking for at one of these levels/zones, all that matters is weather or not your broker (or account balance) allows you to take a position size that is aligned with your MM rules.

For example, if the yen pairs set-up with a pin, and three are at weekly SR, maybe you'll find the gbpjpy needs a 200 pip stop because it ultra-volatile, the eurjpy, 150 pips, and the cadjpy 60 pips.

They're all pretty much the same trade, but each one has it's own average-volatility-range, so you just have to decide which one looks the best.

If the gbpjpy pays 200 pips it's 1:1 RR, and if the cadjpy pay 60 pips, it's still 1:1 RR. So you make the same money from 200 pips as from 60.

Pips really don't matter as much as RR.
  • #7,502
  • Mar 9, 2010 2:09am Mar 9, 2010 2:09am
Quoting Low
There is no "common/average size", if you find the PA you're looking for at one of these levels/zones, all that matters is weather or not your broker (or account balance) allows you to take a position size that is aligned with your...
Thanks Low. The only thing I'd say is that what I sometimes struggle with is finding areas that have enough separation between them to justify a minimum 2:1 PR Ratio. With the 200 pip (or 20 point) areas that I tend to find, sometimes there isn't 400 pips between them to aim for twice as much as one risks...

I guess what I'm asking if I should be trying to reduce the areas I draw.

Obviously, if we're with the trend and we're trailing stops this separations is not so crucial as we're aiming for a larger move...

What you say about each pairs volatility does make sense, but because we're looking for round numbers, one tends to end up with 50, 100, 150, and 200 pips (even 250). So far I tend to end up with a lot of 200 ones in different pairs and 20 points in stocks.

In any case, I'll keep drawing s/r areas and if I still find I end up with these large 200 pip areas I'll ask about it again.

Thanks for you help!
Seba
  • #7,503
  • Mar 9, 2010 2:34am Mar 9, 2010 2:34am
"It is amazing how much trading helps you in the real world, mainly because you have to learn a lot about yourself in the process"

The quote in red is soo true................esp with regards to being patience...............i remember when young and chasing the gals and when the gals would say i am not ready for a relationship now......the usual BULLSHIT would come out of my mouth...........i am a patient guy so i can wait, take your time honey and when you ready so will i............the gals really liked this BS......because they thought i was a nice, caring and patient guy...............then i started trading and all this talk about being patient came on and after some months i said to myself WTF....was that i used to tell the gals that i am patient guy.........................i was not but Trading has really taught me to be patient and day by day i build on this and learn the patient game............TO BE HONEST, IF YOU CAN NOT MASTER THIS PATIENCE THING...just forget Trading..........cheers......
  • #7,504
  • Mar 9, 2010 3:15am Mar 9, 2010 3:15am
Quoting clockwork71
Funny, because I quit smoking over 2 years ago, using the discipline I learned trading......

It is amazing how much trading helps you in the real world, mainly because you have to learn a lot about yourself in the process.

Yes this is very true. It's amazing how trading can change a life. I only quit smoking late August 2009. And I'm beginning to feel really good.
  • #7,505
  • Mar 9, 2010 3:27am Mar 9, 2010 3:27am
clockwork71 & wh1zz0......

it is amazing and true how trading can change a life...........i starting smoking early last year......................

Thats a very very bad habit you guys kicked out, congrats ....i see one of my brothers struggling with it..............

Quoting wh1zz0
Yes this is very true. It's amazing how trading can change a life. I only quit smoking late August 2009. And I'm beginning to feel really good.
  • #7,506
  • Mar 9, 2010 3:48am Mar 9, 2010 3:48am
moved stop loss to breakeven +1 . and the game continue for the 5th week in a row

Quoting samer960
candles are asking me to short it , so i did .
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  • #7,507
  • Mar 9, 2010 4:13am Mar 9, 2010 4:13am
hopefully going to hit target soon .
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  • #7,508
  • Mar 9, 2010 8:27am Mar 9, 2010 8:27am
Quoting clockwork71
I think it was probably a patience thing more than anything else. I have 1.2950-1.30 as a major area. Now it's time to decide if it holds or not. If they can find support - this is a long....if not, well....it's a short. No worries, it's all a lesson.

Chris
Quoting samer960
hi
Dont blame yourself for this trade ...
Quoting Danku
I think what went right first is you executed your trading plan but what went wrong is you did not make money....
Thanks for your nice input.

I fact patience seems to be the key to success. It better to not trade thank to open silly loss trades. But then one has to accept that there will be times when one should not trade for a more or less long time period because of market correlations.

When you have made a loss trade this is not always one's own fault it can be the the game of odds. So when one trade has problems you have to ask yourself whether you should blame yourself or nobody because of the odds.

Ok, a trading plan or trading notes which I prefer is a protection against mixing everything up with everything, which helps to optimize a certain strategy. At the moment I use two strategies: silent service and volume. In the last few weeks I always analyzed both simultaneously in one chart. I now try again to separate them and analyze separately to prevent mixing up.

Regards,
Centaure
  • #7,509
  • Mar 9, 2010 8:29am Mar 9, 2010 8:29am
Quoting samer960
moved stop loss to breakeven +1 . and the game continue for the 5th week in a row
Thats a good way to trade in that time when the market is not trending so strong and just moving sideways.
  • #7,510
  • Mar 9, 2010 8:58am Mar 9, 2010 8:58am
Quoting Danku
clockwork71 & wh1zz0......

it is amazing and true how trading can change a life...........i starting smoking early last year......................

Thats a very very bad habit you guys kicked out, congrats ....i see one of my brothers struggling with it..............

That's funny.....lol
  • #7,511
  • Mar 9, 2010 10:30am Mar 9, 2010 10:30am
I know most people are watching EURUSD but I am finding USDCHF easier to see without bias.
I am watching USDCHF for a break up through the red trendline from the November highs on this weekly chart. The way we are hugging up to this trendline makes me think its likely to break. A break there puts 1.15 or 1.18 and the monthly trendline firmly in the target.
I was waiting for a pullback to 1.05 or 1.0550 to buy as it is tempting to buy here and go into the trendline with a cushion for the inevitable bumps, but a pullback is not looking too likely today.
Anyway we all know what this means for EURUSD.
I know this isn't ready yet, but one to keep an eye on.
Weekly and monthly chart attached.
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  • #7,512
  • Mar 9, 2010 11:28am Mar 9, 2010 11:28am
hi
i almost never trade this pair , thank you for your charts , will be watching it closely
cheers
samer

Quoting elitejets
I know most people are watching EURUSD but I am finding USDCHF easier to see without bias.
I am watching USDCHF for a break up through the red trendline from the November highs on this weekly chart....
  • #7,513
  • Mar 9, 2010 11:40am Mar 9, 2010 11:40am
Is anyone else short in eur/gbp besides me? lol The weekly lined up with a fib for me so I entered on retracement of the weekly candle.

I'd throw a chart up but my chart is on another computer and besides, it's really boring looking. hehe!


Nice to see all my favorite people here! CW, elitejets, Samer, etc etc.

Welcome to all the newer thread participants. You are in the correct place to learn what is REAL.

Don't mind me......just got back from the dentist. I need to go back for a root canal and that is the good news.
I guess cake icing is not the same as toothpaste. Bad mistake! lol

Seriously though. I've always taken care of my teeth but it's life's cruel joke.
  • #7,514
  • Mar 9, 2010 11:43am Mar 9, 2010 11:43am
Quoting elitejets
I know most people are watching EURUSD but I am finding USDCHF easier to see without bias.
I am watching USDCHF for a break up through the red trendline from the November highs on this weekly chart. The way we are hugging up to this trendline makes me think its likely to break. A break there puts 1.15 or 1.18 and the monthly trendline firmly in the target.
I was waiting for a pullback to 1.05 or 1.0550 to buy as it is tempting to buy here and go into the trendline with a cushion for the inevitable bumps, but a pullback is not looking too likely...

I'm watching that too but you might get that at a discount. The weekly is blurry. lol
  • #7,515
  • Mar 9, 2010 11:55am Mar 9, 2010 11:55am


Quoting calderone
Is anyone else short...
  • #7,516
  • Mar 9, 2010 11:59am Mar 9, 2010 11:59am
Quoting calderone
Is anyone else short...
I am still in EURGBP since 1st March. Hopefully we get a second pinbar on todays daily chart.
Last week there did not happen very much with this pair. It was only in the resistance range.
  • #7,517
  • Mar 9, 2010 1:39pm Mar 9, 2010 1:39pm
Hi elitejets.........just want to mention that as you watch the EURUSD, you are also watching USDCHF without knowing it...............print the 4-hr or Daily charts for the two and look at them..............................VERY STRONG -VE CORRELATION................

Quoting elitejets
I know most people are watching EURUSD but I am finding USDCHF easier to see without bias.
I am watching USDCHF for a break up through the red trendline from the November highs on this weekly chart....
  • #7,518
  • Mar 9, 2010 2:00pm Mar 9, 2010 2:00pm
Quoting calderone
Is anyone else short...
I have the EUR/GBP on my radar. I want to see today's close, which is looking like a possible pin, within a weekly pin. I am wanting in as well.

Get this - target is .7200 if the triangle breaks.

Chris
  • #7,519
  • Mar 9, 2010 2:01pm Mar 9, 2010 2:01pm
Check it - an update on my Canadian stock trade. All I have to do now is figure out how to spend my 11 C$ I have earned so far. lol
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  • #7,520
  • Mar 9, 2010 2:17pm Mar 9, 2010 2:17pm
Quoting clockwork71
I have the EUR/GBP on my radar. I want to see today's close, which is looking like a possible pin, within a weekly pin. I am wanting in as well.

Get this - target is .7200 if the triangle breaks.

Chris
I'm watching and waiting as well. If the weekly remains valid and is broken down I'll be going short at 0.8945.

Are you planning to enter on the weekly break or on a break of the triangle?
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